Companies /Consumer Cyclical

Boyd Gaming Corp

NYSE: BYD Resorts & Casinos
$76.39
▼ $1.20 (−1.55%) today
Markets closed · 2:49am ET

Q3 2025 Earnings

Reported Oct 23, 2025, 4:06pm ET · SEC source
$1.72
Beat +5.83%
EPS · est. $1.63
$1.0B
Beat +14.77%
Revenue · est. $875.1M
+5.3%
Beating market
BYD vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%Oct 23Oct 24report 4:06pm ETearnings+0.8%−2.8%
−3%0+3%Oct 23Oct 24earnings+0.8%−2.8%
BYD −2.8%S&P 500 +0.8%
−3%0+3%Oct 23Oct 24report 4:06pm ETearnings+1.0%−2.8%
−3%0+3%Oct 23Oct 24earnings+1.0%−2.8%
BYD −2.8%NASDAQ +1.0%
−6%−3%0+3%Oct 22Oct 31report 4:06pm ETearnings+1.5%−4.5%
−6%−3%0+3%Oct 22Oct 31earnings+1.5%−4.5%
BYD −4.5%S&P 500 +1.5%
−6%−3%0+3%Oct 22Oct 31report 4:06pm ETearnings+2.9%−4.5%
−6%−3%0+3%Oct 22Oct 31earnings+2.9%−4.5%
BYD −4.5%NASDAQ +2.9%
−7.31%
Day of report
+1.05%
Next session
−1.14%
One week
+5.01%
30 days

S&P 500 over the same 30 days: −0.33%.

Did BYD Beat Earnings? Q3 2025 Results

Boyd Gaming delivered a strong third-quarter 2025 beat on both the top and bottom lines, with adjusted earnings per share of $1.72 clearing the $1.63 consensus by 5.83% and total revenues of $1.00 billion running 14.77% ahead of the $875.11 million estimate, up 4.5% from a year ago. The headline story, however, was a $1.40 billion after-tax gain from the company's sale of its equity interest in FanDuel, which vaulted GAAP net income to $1.44 billion, or $17.81 per diluted share, compared to $131.13 million, or $1.43 per share, in the year-ago period. Beneath that one-time item, the underlying business held steady, with adjusted earnings of $139.14 million essentially matching last year's $139.28 million while per-share figures improved meaningfully thanks to aggressive buyback activity, including $160.00 million in repurchases during the quarter alone. The Midwest and South segment was a particular bright spot, posting its best third-quarter revenue and Adjusted EBITDAR performance in three years on broad-based customer growth. Management signaled continued confidence in long-term shareholder value creation, with roughly $547.00 million remaining under the current buyback authorization.

Key Takeaways
  • Year-over-year growth in play from core customers
  • Improving trends in play from retail customers
  • Efficient operations and ongoing capital investment program
  • Healthy growth in gaming revenues across all three property operating segments
  • Midwest & South segment delivered best Q3 revenue and Adjusted EBITDAR in three years
  • Online casino gaming business growth
  • Strong performance of Sky River Casino in northern California
  • Hawaiian market segments drove gaming revenue growth in Downtown Las Vegas

“During the third quarter, our Company continued to achieve revenue and Adjusted EBITDAR growth after adjusting for our recent FanDuel transaction. These results were driven by year-over-year growth in play from our core customers, improving trends in play from our retail customers, our efficient operations, and our ongoing capital investment program. As a result, we saw healthy growth in gaming revenues across all three property operating segments during the quarter.”

Boyd Gaming CEO, on the earnings call

BYD YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$400.0M$800.0M$1.2B$961.2M$1.0BRevenue$220.0M$139.8MOperating Income$131.1M$1.4BNet Income
$0$400.0M$800.0M$1.2BRevenueOperating IncomeNet Income

BYD Revenue by Segment

Midwest & South$538.9M
Las Vegas Locals$218.8M
Online$165.6M
Downtown Las Vegas$53.2M
Managed & Other$35.8M

Figures from SEC filings and company reports. Not investment advice.